There is no doubt that Critical Illness Insurance is changing.  Over the past few years the majority of insurers have streamlined their policies so that they all follow and adhere to the ABI (Association of British Insurers)  critical illness definitions.  This comprehensive list clearly defines what each critical illness means and what diagnosis is required to successfully claim on a critical illness insurance policy.

Because of this clarity, Critical Illness Insurance statistics show that more and more claims are now being succesfully paid out.  Legal & General recently revealed that the company paid out on 93% of claims which was an increase of 5% on the previous year.  Statistics like these mean that more people will have faith in critical illness insurance and the companies offering it. Could there be further changes to make critical illness cover even more popular?

One way critical illness cover could go would be in offering a menu driven approach.  Most critical illness companies offer at least 22 standard critical illness definitions yet they all say that heart-attack, stroke and cancer catch the vast majority of claims.  Most people who decline critical illness cover do so due to cost.  Could it be then , that life assurance companies could soon offer the kind of critical illness cover that a customer might actually want?  The prespective customer would simply choose the critical illnesses they do want to be insured for  rather than paying for the illnesses they are not concerned about.  Car Insurance does this now when you first of all choose whether you want third party fire and theft or fully comprehensive insurance.  You can then choose to add benefits such as breakdown cover, windscreen replacement, a courtesy car and other named drivers etc.

The menu approach could mean that critical illness cover gets further exposure and is seen as an insurance that is accessible to anyone rather than those who can afford it.